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pay off or foreclosure?

Mariposa7678

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Hi, i'm new to this forum, my husband and i went to Disney back in Sep 2019 with our 4 kids, they asked us to go and see this presentation with the kids that it will be only 1 hour, it turned to be almost 6 hours, we bought the time share been paying my monthly fee, maint & taxes (i think) i haven't pay this year and i was taking going to foreclosure, but i will like to buy a house out of state and this probably ruin our credit. what will be best, pay off the property and try to sell it, or continue with foreclosure? the amount was 7500k, i'm paying monthly 105 for 15000 point, which every time i'm trying to book it sold out. i went to a timeshare exit and i wasn't convinced, your help is really appreciate.
 

SmithOp

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People that have let timeshares go into foreclosure have reported up to a 50 point drop in credit score, only you can decide if its worth it to you. Your mortgage rate might be a little more, although they are at all time lows right now.

What was your purchase price, 7500k must be a typo. Was is $7,500 or $75,000? $7,500 seems like a small amount to default on, I wouldn’t think twice and walk on that, you have only paid a couple of months if you purchased Sep 19 and made no payments this year.

@Grammarhero may also have information on legal ramifications based on the state the timeshare is located.


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Mariposa7678

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People that have let timeshares go into foreclosure have reported up to a 50 point drop in credit score, only you can decide if its worth it to you. Your mortgage rate might be a little more, although they are at all time lows right now.

What was your purchase price, 7500k must be a typo. Was is $7,500 or $75,000? $7,500 seems like a small amount to default on, I wouldn’t think twice and walk on that, you have only paid a couple of months if you purchased Sep 19 and made no payments this year.

@Grammarhero may also have information on legal ramifications based on the state the timeshare is located.


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sorry its a typo its $7,500. i'm paying monthly, what i haven't pay is the taxes and maintenance for this year.
 

Jimster

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Rather than foreclosure, read the sticky at the top of this section about a giving a deed back. This means they will take the property back and end your interest in the property. Of course, you will lose any investment you have made in it but it won’t hurt your credit.
 

tschwa2

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Most companies won't offer a pain free deed back unless it is paid off and up to date. You probably haven't paid the annual dues this year either. I think they will default and foreclose fairly quickly so if you don't want that to happen for fear of what will happen to your credit, you probably need to decide fairly quickly.
 

Bmatrose

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To give it back it needs to be paid off. Even to sell it, it needs to be paid off but either way no one would buy what you have for any real amount of money.
 

TheTimeTraveler

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sorry its a typo its $7,500. i'm paying monthly, what i haven't pay is the taxes and maintenance for this year.

Well I can't tell you what you should or should not do, but if you are thinking of buying a house then I would think you would be in a financial position to rid yourself of this loan in a little over a year by paying it off at $600 per month ($150 per week) and not have it negatively affect your credit........

Once the loan is paid off then you can either do a Deed back, sell it, or give it away. The key is to get the loan paid off and discharged.

Handing it this way will be a positive in your credit report.




.
 
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Grammarhero

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sorry its a typo its $7,500. i'm paying monthly, what i haven't pay is the taxes and maintenance for this year.
Where is your TS deed located? Owners defaulting on mortgages on timeshares deeded in CA, FL, Maine, SC, WI, HI, or MT get anti-deficiency protection, if they don’t object to the foreclosure. Anti-deficiency protection is when resorts can’t sue you for the foreclosure sale deficient balance.
 

Bmatrose

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Where is your TS deed located? Owners defaulting on mortgages on timeshares deeded in CA, FL, Maine, SC, WI, HI, or MT get anti-deficiency protection, if they don’t object to the foreclosure. Anti-deficiency protection is when resorts can’t sue you for the foreclosure sale deficient balance.
It sounds like its part of the Florida Land Trust
 

Grammarhero

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sorry its a typo its $7,500. i'm paying monthly, what i haven't pay is the taxes and maintenance for this year.
@Mariposa7678
Where is your TS deeded? Owners defaulting on mortgages on timeshares deeded in CA, FL, Maine, SC, WI, HT, or MT get anti-deficiency protection, if they don't object to the foreclosure. Anti-deficiency protection is when resorts can't sue you for the foreclosure sale deficient balance.

Out of 20 TS mortgage defaults reported on TUG, 11 got their credit affected, ranging from 50 to 200 points. If you make the hard decision to default, please kindly let us know if your credit got affected. It would help tuggers in similar situations moving forward.
 

Mariposa7678

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@Mariposa7678
Where is your TS deeded? Owners defaulting on mortgages on timeshares deeded in CA, FL, Maine, SC, WI, HT, or MT get anti-deficiency protection, if they don't object to the foreclosure. Anti-deficiency protection is when resorts can't sue you for the foreclosure sale deficient balance.

Out of 20 TS mortgage defaults reported on TUG, 11 got their credit affected, ranging from 50 to 200 points. If you make the hard decision to default, please kindly let us know if your credit got affected. It would help tuggers in similar situations moving forward.
i still have to time to think it through, i will let you know my final decision. thanks for your time
 

DrQ

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One of the things to consider is; How much is this "ding" in my credit going to cost me in my interest rate?

You could spend that $7.5K a few times in the difference in interest.
 

Grammarhero

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i still have to time to think it through, i will let you know my final decision. thanks for your time
@Mariposa7678 we hope you are well and healthy. If you made the difficult decision to default, please kindly let us know if your credit got affected. It would help tuggers in similar situations moving forward.
 
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